SOURCE: Walter Energy

Walter Energy

January 04, 2010 15:47 ET

Walter Energy Settles Dispute With Erdemir on Carryover Tons

TAMPA, FL--(Marketwire - January 4, 2010) - Walter Energy (NYSE: WLT), a leading U.S. producer and exporter of premium coking coal for the global steel industry, announced today that it has settled a dispute with Turkish steelmaker Erdemir over 280,000 metric tons of premium coking coal that the steelmaker had contracted to purchase during the 2008-2009 contract year at $319 per metric ton.

Under the settlement, Erdemir will accept delivery of all remaining carryover tons of coal between April 1, 2010, and March 31, 2011.

Prior to the disputed deliveries, Walter Energy had already delivered half of the original contract total of 560,000 tons and received payment in full for those tons at the original contract price.

"We are happy to have this issue resolved, and we look forward to continuing what has been a long and mutually beneficial relationship with one of our most important customers," said Victor P. Patrick, chief executive officer of Walter Energy.

About Walter Energy

Walter Energy is a leading U.S. producer and exporter of premium coking coal for the global steel industry and also produces steam coal and industrial coal, metallurgical coke and coal bed methane gas. The Company has revenues of approximately $1.2 billion and employs approximately 2,100 people. For more information about Walter Energy, please visit the Company website at www.walterenergy.com.

WLT